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Three years ago, ZYX deposited $2,590 in an account that has earned and will earn 8.60 percent per year in compound interest. If CAB deposits
Three years ago, ZYX deposited $2,590 in an account that has earned and will earn 8.60 percent per year in compound interest. If CAB deposits $3,690 in an account in 2 years from today that earns simple interest, then how much simple interest per year must CAB earn to have the same amount of money in 6 years from today as ZYX will have in 6 years from today? Answer as an annual rate.
19.32% (plus or minus .05 percentage points) | ||
11.87% (plus or minus .05 percentage points) | ||
3.79% (plus or minus .05 percentage points) | ||
2.52% (plus or minus .05 percentage points) | ||
None of the above is within .05 percentage points of the correct answer |
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